The four systemic banks National, Alpha Bank, Piraeus and Eurobank are expected to close more than 120 bank branches throughout the country in 2022.
According to the plan of the bank administrations, Piraeus plans to close 52 branches, Eurobank 25, National 25 and Alpha Bank 15 bank branches.
Reactions
This fact has provoked great reactions in OTOE bank employee trade union but also in GSEE. The General Confederation issued a statement reacting to the closure of bank branches and talking about “continuing violent contraction of the branch network of systemic banks, mainly in the periphery. This will result in the loss of jobs for citizens in different parts of the country. GSEE refers to the four banks “that have been recapitalized with money from Greek taxpayers”, and notes that their specific strategy “makes it difficult for citizens to access banking services, so necessary for traders who usually lack digital skills.”
Digital transformation
On the part of the banks, it is estimated that the digital transformation leads to the reduction of the branch network, since more than 90% of the classic transactions that took place in previous years at bank counters are now made through alternative networks, while the deposit books have been abolished.
Digitization changes not only the number of store networks, but also its format. Banks turn stores into consulting centers for customer service, while employees also acquire a new role, as it is the customer’s liaison with the bank.
The Bank Association of
According to the statistics of the Union of Banks, in 2010 the network of 19 banks that were active in the Greek market at that time, numbered 4,000 branches and employed 64,000 employees.
By the end of 2020 the number of stores had dropped to 1,620 and the number of employees to 32,000. It should be noted that in 2021 the banks closed 155 branches throughout Greece and for 2022 it is planned to close another 120 branches. It is also noted that the closure of stores is accompanied by voluntary exit programs for employees.
Latest News
Vardis Vardinogiannis: ‘On a Ship’s Bridge You Always Look Forward’
Ten milestones in the half century since the creation of Motor Oil Group, as described by Vardis Vardinogiannis, who passed away on Tuesday at the age of 91
DBRS Says Greek Banks ‘Shielded’ from ECB Rate Cuts
The agency explains that fund disbursements through the banking sector will help offset pressures anticipated on interest margins beginning in 2025, due to expected rate cuts by the European Central Bank (ECB).
Meta Cuts Facebook and Instagram Subscription Fees by 40%
The social media giant also revealed that it will continue to offer free access to Facebook and Instagram for EU users, provided they agree to see ads based on a limited set of user data.
Skyrocketing Use of Debit, Credit Cards
The total value of the transactions conducted with debit and credit cards in the country in the first half of 2024 rose 2% on the corresponding period of 2023
JP Morgan Revised Greece Outlook to ‘Overweight’
The investment bank notes that Greece is showing the strongest GDP growth in the Eurozone. Additionally, efforts to clear up bank balance sheets are anticipated to yield increased capital returns.
Vardis I. Vardinogiannis, Greek Tycoon and Shipping Magnate, Dies at 91
In 1990, Vardinogiannis was targeted in an attack which involved three rockets fired at his vehicle by the terrorist organization 17 November.
Kudos for Greek Sheep’s Milk Cheeses
Graviera is the Greek version of the Swiss gruyère, and is generally considered the second most popular cheese made in the country after feta
EIB Survey: Greeks Rank Climate Change as Top Concern After Cost of Living
Specifically, 98% of the Greeks surveyed stated that the country must to adapt to climate change, with 60% saying that priority should be given to these adjustment measures
Trump Tells Putin not to Escalate Ukraine War during Phone Convo
Meanwhile, President Joe Biden, is preparing to lobby Trump against abandoning U.S. support for Kyiv
Former Thessaloniki Mayor Yiannis Boutaris Dies at 82
Boutaris entered politics in 2010, serving as the 60th mayor of Thessaloniki for two consecutive terms until 2019, becoming a transformative figure with his progressive policies.